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ASG, a portfolio company of Alpine Investors that buys, builds and operates vertical SaaS companies, has acquired ProfitSword, a hotel property operations software that provides business intelligence and data management software for the hospitality industry.
This deal marks the 30th acquisition for ASG and the 2nd in the ASG Hospitality Technology vertical.
"We are incredibly excited and honored that ProfitSword chose ASG for their next chapter of growth," said Steve Reardon, President of ASG.
"Tili, Mike and the entire ProfitSword team deeply understand their customer and have built an exceptional product that has proven mission critical to hotel properties during COVID. We look forward to further investing in ProfitSword and remain bullish about the future of hotel operations software."
Headquartered in Orlando, FL, ProfitSword was founded in 2001 by Tili Findley and Mike Patton. As support services in hospitality, particularly accounting, moved from a decentralized environment to a centralized environment, property managers did not have the tools to properly manage the financials. With her extensive knowledge of hospitality accounting, Tili knew there was a vacuum, and she formulated a plan to bring state-of-the-art software to the fingertips of operators. She found the right partner in Mike Patton who had years of experience in programming web-based (cloud-based) solutions.
Today, Tili, Mike and the ProfitSword team have designed an advanced operational and reporting business intelligence software suite including: ProfitSage, ProfitPlan, ProfitPace, ProfitDaily, ProfitWizard, and ProfitAbility which are now in use by more than 3,000 properties across the U.S.
Tili and Mike will transition out of the business at the end of the year. Maureen Allen (President), Brian Treadwell (Chief Process and Innovation Officer) and John Crutchfield (COO) will remain in the business. In addition, ProfitSword will welcome two new members to their leadership team. Rob Ryan from ASG will join as Chief Revenue Officer and Ali Jenab from Alpine Investors will join as Executive Chairman.
"ASG was the clear choice for ProfitSword as we looked to continue our growth and innovation of new solutions for operators," says Tili Findley, co-Founder of ProfitSword.
"They have a deep understanding of software businesses that completely aligned with our company values and long-term vision. Like ProfitSword, ASG values the customer relationship and associates who work hard every day to benefit our partners."
Wells Fargo served as exclusive financial advisor to ProfitSword.